UBA seeks approval to restructure

Nigeria's United Bank for Africa said on Thursday it will seek shareholders' approval to transfer its subsidiaries into a newly-formed holding company, in line with regulatory requirements to separate core lending from other businesses. The central bank last year scrapped the universal banking model and directed lenders in Africa's second biggest economy to sell their stakes in non-banking subsidiaries or adopt a holding company structure.
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Added December 02, 2011
from Businessday Nigeria